On the Importance of HPB’s Community DAO
Many blockchain projects still adopt the traditional centralized enterprise management mechanism and value neither decentralization nor democratic community governance. They violate blockchain’s spirit of decentralization as well as going against the sustainable development interests.
Recently, HPB (High Performance Blockchain) has been actively promoting DAO (Decentralized Autonomous Organization) by initiating the Proposal for the Establishment of the HPB Community Governance Council, which is of profound significance for HPB’s long-term development.
Decentralized Autonomous Organization (DAO)
DAO is a new organizational model, and has always been a hot topic in the blockchain industry. It was being experimented and explored by various blockchain projects, especially DeFi projects emerging in the past year. When we talk about DAO, there are two different ways, on-chain governance and off-chain governance. The ideal DAO that adopts smart contract’s immutability and automatic execution advantage is constructed on-chain to facilitate voting, governance and execution. This has been widely applied by many DeFi projects since DeFi boomed last year.
The prime advantages of DAO are that it not only guarantees community members’ voices are heard and their interests in participating in the project governance are catered for, but also they have the chance to contribute to the project development and display their talents. The community is an open place for communication. Any questions and ideas can be fully discussed in the community, every community proposal can reflect the wisdom and will of the community, and finally the implementation will be determined by the way of community voting. Projects that are striving to promote DAO are Compound and Uniswap, and they focus on the ways to present and discuss proposals for realizing community governance.
Because the evolution of DAOs is crucial in the long run, we need to accomplish it despite the complexity and various technical difficulties.
The Significance in promoting HPB’s DAO
Blockchain communities comprise members from project teams, investment institutes, ecosystem projects, nodes, community developers, ambassadors, investors, etc. Sharing the same value and aspiration, they formed a cooperative consensus alliance committing to jointly obtain project success.
With different backgrounds, every community member can make constructive suggestions and contributions with their distinctive expertise in the project development. Therefore, the official team should value the communication and collaboration with the community as much as project development. It is the joint efforts of every community member that will contribute to a successful project.
Always putting technology development as a priority, HPB team has been leading in blockchain hardware acceleration and hardware random numbers generation, and TPS on HPB was improved greatly due to hardware acceleration. Since last year, a bull market driven by DeFi and NFT projects runs along, HPB has grasped this opportunity by updating its MainNet to make it compatible with the latest version of the Ethereum Virtual Machine EVM and enabling users to issue NFT assets. Consequently, a DeFi application on Ethereum can more readily be migrated to HPB for lower GAS fees once a cross-chain solution is in place.
Hard work for technological progress is bound to pay off, which applies to HPB whose technology is one of the most outstanding public blockchain innovations. With community being the cornerstone of the HPB ecosystem, only with the forces deriving from technology, marketing, talents and community complementing each other, can HPB’s ecosystem thrive. Therefore, it is essential for HPB to promote DAO. The benefits are as follows:
- It can ensure that the project progress conforms to the core interests of ecosystem participants. Users’ requirements and ideas can be heard and treated seriously.
- It activates the community so that HPB can gather more capable and thoughtful talents. Building a stage where community members can fully display their competence is one of the major targets of HPB’s aspiring for DAO community governance.
- With the Foundation delegating power and the community playing its role and liberating more forces, decentralization and democratic autonomy can be truly realized.
DAO is a future trend of blockchain. It’s still a long journey for HPB to maintain complete decentralization and democratic community governance, and achieving project success thanks to the advantage of community will also take some time to effect. However, the Community Governance Council launched by HPB has marked a critical step in the process of realizing HPB’s DAO. Personally, I wish to see a brighter future for HPB with the joint efforts of the team and the community. To HPB’s prosperity!
This article is contributed by 十万聪, translated and edited by Sophia and Serina. Also thanks Gordon Glass for the English proofreading!
The article is written by the author independently, which does not necessarily represent the position of HPB Foundation.
For the original article written in Chinese, please visit: https://mp.weixin.qq.com/s/BV86JRUlk2qKUNF-kCPtAw
About HPB
High Performance Blockchain (HPB) is a revolutionary permissionless blockchain architecture that combines HPB’s customized hardware Blockchain Offload Engine (BOE), with high-performance blockchain software, enabling unrivaled scalability.
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